World famous and New York Times Best Selling Author, Robert Kiyosaki (Author of Rich Dad Poor Dad) was in Winnipeg to speak about his new book “Why “A” Students Work For “C” Students and “B” Students Work for the Government”.
As VP of Operations for Wealth Skills Education, it was a privilege to meet Robert Kiyosaki at this event. Speaking to a crowd of over 100 Robert offered some of the following insights and observations.
- Rich Dad/Poor Dad was self-published because no publisher wanted to touch it. They did not believe in Robert’s perspective. His book boomed after he appeared on Oprah. Only self published #1 Book on the NY Times Best Sellers List
- In 1994 Robert (age 47) & Kim (age 37) his wife retired. Now concentrates on his educational company. His publications are in 50 different languages.
- A person needs a team to succeed. Surround yourself with smart people. You don’t need to be the smartest person in the world/room. You shouldn’t be the smartest person on the team.
- Debt & taxes make the rich richer & the poor poorer
- Entitlement mentality is killing the US. Need to employ the principle of “teach a man to fish”
- Society is in trouble because of the poor level of financial education.
Three types of education
Academic and Financial education are opposites and they clash. In academics you are taught not to make mistakes and if you do you’re considered stupid. In finances you learn by making mistakes.
Academics induce middle class values where you are encourage to work hard, live below your means and save. In finances you are trained to raise and/or borrow money. Learn to raise capital. It’s a skill set. Find a deal so good that people will invest with you. Can’t be shy and be in business. Take sales courses or try MLM in order to learn to handle rejection. Learn about acquiring assets not getting pay cheques.
Don’t say you can’t afford something. Ask how you can afford it. (Different mental attitude).
Windows of Learning
Ages 0-12 yrs – Quantum learning takes place. By 12 neural pathways in the brain are set in place. Need to change your pathways from academic thinking to be an entrepreneur.
Ages 12-24 yrs – Rebellious learning – children learn by rejecting things. Learning by doing is important like using games.
Ages 24-36 yrs – Professional window
Ages 36-48 yrs Success Window
Age 48 + Sage era where you give back
Two Important dates in history
1971 – US $ taken off the gold standard (fiat currency). Results in the value of the $ dropping when the gov’t prints more money. We are going to experience a world wide currency war. As countries print more money and devalue their currency there is pressure on other countries to do the same in order to keep their exports affordable. Canada may be forced to do so to remain competitive with its exports.
1974 – Introduction of 401k or RRSP. People were encouraged to save money for the future. In the meantime the money they are putting away is being devalued by gov’t actions. “Cash is trash”.
- Workers – employees who pay taxes (and have no place to hide)
- Savers – saving currency that’s being devalued
- Amateur investors
4 Types of Asset Classes
- Paper assets (bonds, stocks, etc)
- Commodities (oil, gold, silver)
Find an asset class that appeals to you and get good at it.
Robert’s Personal Formula – when he earns $ he buys real-estate. He then uses his real-estate revenue to purchase oil, gold & silver.
You have a rich – middle class – poor person inside you; decide which one you want to be.
Believes that God wants you to be rich.